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Hermosa Valley High?

Hermosa Valley is that sliver of land in Hermosa between PCH and Ardmore Avenue and, lately, it’s seen some interesting activity in terms of high-end new construction.

For example, the developers of 2850 El Oeste Drive, an upcoming new home at the end of a Hermosa Valley cul-de-sac, have set a pre-completion price for this 6-bedroom, 7502 sqft contemporary home at $7,999,000.

The home sits on a flat 10,326 sqft lot and enjoys unblockable sweeping ocean views.  There is also a pool and spa, a cabana, guest quarters and two separate two car garages.  

And while this Jon Starr-designed, ocean-view home looks mighty impressive from the architect’s rendering that was posted online, that price, if they get it, would be almost $3 million higher than the highest-priced home ever sold in Hermosa Valley.

2821 Amby Place

2821 Amby Place, Hermosa Beach

The previous recordholder?  The hard luck 5-bedroom, 7100 sqft Mediterranean at 2821 Amby Place designed by Louie Tomaro and developed by Kirk Sannella in 2007.  That home, also on an ocean-view cul-de-sac lot with a spectacular backyard pool and spa, sat on the market for three years before finally finding a buyer in 2010 for $5,175,000, well off the original starting price of $9.5 million.

The many high-end features of this home included imported Italian plaster ceilings, commissioned mural paintings, walnut cabinetry, wood beam ceilings, a library, billiards room with full wet bar, 1,000 bottle wine cellar and an 8-seat home theater with a 120” screen.

It seems as though the home was a victim of overly aggressive pricing at a time when the real estate market was starting to turn.  Certainly, this was a one-of-a-kind property that deserved better treatment from the marketplace but, as they say, timing is everything.

Interestingly, the new El Oeste home will make it harder for another new contemporary Hermosa Valley home to sell, namely, 714 Marlita Street.  This one is the largest of the three mentioned here at 8,534 sqft and, like the other two homes discussed above, sits at the end of a cul-de-sac and enjoys sweeping ocean views.

The problem here is the El Oeste home sits on a cul-de-sac just to the south of the Marlita cul-de-sac and will take away some of the ocean view from Marlita.  That’s a shame since 714 Marlita was designed with a traditional floor plan, which means the views will still be there from the 2nd floor but not so much from the first floor living areas now that El Oeste is taking shape.

714 Marlita hit the market in 2012 and has seen a list price of $7,999,900, although it’s currently sitting at $6,999,900.  Once again, timing is everything.

Update:  And, just like that, 2850 El Oeste is in escrow.  Looks like a new record for Hermosa Valley is just around the corner.

 

 

 

Nondisclosure of Defects in Residential Sales – Seller Beware!

Real Estate Edge by Mike Michalski & Sachi Fujita

Almost every residential real estate sale requires the seller to complete a transfer disclosure statement, also known in the industry as a TDS. This 3-page form compels the seller to tell the buyer everything about the home that could adversely and materially affect its value. But we’ve seen cases – two in Manhattan Beach – where the seller appeared not to disclose a material defect or nuisance to the buyer. Read more here.

What $2 Million Buys in Manhattan Beach – 2007 to Present

Real Estate Edge by Mike Michalski & Sachi Fujita

So what will $2 million buy in Manhattan Beach? Over the last seven years, the answer to that question has changed dramatically. Read more here.

When Will The Fed Raise Rates?

Real Estate Edge by Mike Michalski & Sachi Fujita

“Federal Reserve Chair Janet Yellen whispered ‘Bang’ but did not shoot,” according to Lou Barnes (Inman Real Estate News contributor). What does this mean for interest rates? Read more here.

Fisher Queen Nets A Cool $2 Million Profit

Real Estate Edge by Mike Michalski & Sachi Fujita

Back in 2008, with the world financial markets in turmoil and the local residential real estate market in the tank, two spectacular contemporary homes designed by Aidlin Darling Design out of San Francisco debuted on the market at 1208 and 1212 Fisher Avenue in the American Martyrs area of Manhattan Beach. One of those two recently resold for a cool $2 million profit (assuming escrow closes). Read more here.

Strand Prices Continue To Surprise On The Upside

Real Estate Edge by Mike Michalski & Sachi Fujita

Whoever said “Trees don’t grow to the sky” (an old Wall Street maxim) probably hadn’t contemplated what low interest rates , low inventory and a suddenly hot destination real estate market would have on beachfront properties here in Manhattan Beach. But given all that, some sellers are making an absolute killing on the sale of their Strand lots. Read more here.

Haunted House on Anderson To Get A Makeover

Real Estate Edge by Mike Michalski & Sachi Fujita

It looks like the long-running saga of 606 Anderson Street in the Manhattan Beach Hill section will finally be entering a new chapter with its recent purchase by a prominent local home-flipper.

What Was Once Shocking Now Looks Like A Deal

Real Estate Edge by Mike Michalski & Sachi Fujita

A developer client of ours won the bidding war last November for a 40 x 135 Tree section lot. At the time, it seemed as though they paid a premium over market value. Not any more.

Oak – The Most Common Tree Street Name

Real Estate Edge by Mike Michalski & Sachi Fujita

An interesting article from the Wall Street Journal reports on a study by online residential real estate site Trulia that examines which tree names are the most popular street names in the US. Turns out over 5% of listings are on streets with tree names with the most common tree variety being oak, followed by […]

Short Goes Long After Five Years On Market, 7-Month Escrow

Real Estate Edge by Mike Michalski & Sachi Fujita

What could be one of the largest marketing campaigns for a South Redondo home finally concludes with a 7-month escrow and a huge overbid. Read more here.

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